To

All the insurers

Re:Legal Entity Identifier (LEI) code

****

A. Legal EntityIdentifier (LEI) code has been conceived of as a key measure to improve thequality and accuracy of financial data systems for better risk management postthe Global Financial Crisis. The LEI is a 20-character unique identity codeassigned to entities who are parties to a financial transaction. The ReserveBank of India vide circulars RBI/2016-17/314 dated 1st June, 2017,RBI/2017-18/82 dated 2nd November, 2017, RBI/2018-19/83 dated 29th November,2018 and RBI/2018-19/177 dated 26th April, 2019, has implemented therequirement of LEI in OTC derivatives markets, banking sector and govt.securities market in a phased manner. LEI can be obtained from Legal EntityIdentifier India Ltd.

B. Pursuant to theadvice of the Financial Stability Development Council, Sub-Committee (FSDC-SC),IRDAI examined the requirement to obtain LEI by its regulated entities and theentities dealing with the regulated entities. Accordingly, it has been decidedthat

i. insurers shallnecessarily obtain LEI as per the procedure prescribed in the above referredcirculars on or before 31st July, 2020;

ii. insurers shalladvise their existing corporate borrowers having total exposures of Rs. 50crore and above, and have not obtained LEI till now, shall obtain LEI and providethe LEI information on or before 30th June, 2020,

iii. borrowers who donot obtain LEI, are not to be granted renewal/enhancement of credit facilitiesby the insurers,

iv. no new loanproposals shall be sanctioned by the insurers without LEI information, and

v. insurers shallcapture the LEI code of corporate borrowers in their records and specify thesame while reporting the transactions executed with such corporate borrowers.

C. This circular is issuedunder the powers vested in Section 34 (1) of Insurance Act, 1938.

Pravin Kutumbe

Member(F&I)